The Smartphone LiDAR Market Is Estimated To Be Valued At US$ 6.05 Billion By 2030
According to Fact.MR’s recently published report, the global smartphone LiDAR market is estimated at US$ 1.63 billion in 2022 and is forecasted to expand rapidly at a CAGR of 17.8% during the forecast years 2022-2030. The market is poised to grow due to remarkable penetration of advanced smartphones across the world.
Smartphones incorporating depth sensors have just been introduced into the consumer market. For iOS smartphones, these sensors were marketed as 'LiDAR scanners', and for Android devices, they were marketed as 'time-of-flight depth (ToF) cameras'. These sensors were first used to enhance photo quality (such as the bokeh effect, better camera focus, etc.) and to enable augmented reality applications; however, they proved to be appropriate for scientific uses as well.
Get To Know More: https://www.factmr.com/report/smartphone-lidar-market
The technological transformation taking place in smartphones with the adoption of 5G mobile network technology and the rise of technology in improving smartphone performance will lead to ubiquitous integration of Augmented Reality (AR) and Virtual Reality (VR).
Apple's inclusion of LiDAR sensors in its products has been a significant step in LiDAR market growth. LiDAR is a pulsed laser that operates at nanosecond speeds and produces 3D models more accurately than a simple camera. The fact that Apple had finally integrated its own ToF sensor was a surprise to many when the company unveiled the fourth-generation iPad Pro in 2020. Apple has been giving augmented reality a higher priority, starting with the 2020 iPad Pro. Apple's LiDAR Scanner is more improved as compared to 3D ToF sensors because it maps the area point by point, reducing the amount of noise received and producing a 3D point cloud that is more accurate.
Key Takeaways from Market Study
- The global smartphone LiDAR market is projected to expand at an impressive CAGR of 17.8% to be valued at US$ 6.05 billion by 2030.
- The global market stood at a valuation of US$ 642.6 million in 2021.
- The market is estimated to grow 3.7X over the assessment period.
“Shift of 3D modeling sensors to LiDAR sensors will propel market growth,” says a Fact.MR analyst.
The business atmosphere in smartphone LiDAR continues to reflect rollup within the industry, despite difficult economic conditions. To gain a larger customer base in the market, prominent manufacturers are employing different strategies and focusing on cost-cutting methods.
- For instance, Apple acquired numerous relevant technology firms, including those that specialize in motion capture, facial recognition, audio recognition, computer vision, and eye movement tracking. This will help Apple to generate more revenue from smartphone LiDAR.
Similar investments are being made by big smartphone manufacturer such as Samsung and BBK Electronics to gain some market share.